If you want to sell your house and buy a different one that is closer to your job or big enough for your growing family, you may experience some timing issues when selling and buying at the same time. If you do not want to have to move to a temporary home in between selling your house and buying another, you could always consider renting back your original house after selling it. Here are several details about how this works and what it involves.
What this means
When you rent back your house after selling it, it means that you work out a deal with the buyer of your house. This deal allows you to stay living in the house that you sold them until you close on the house you are buying. In order for a buyer to agree to this, you will need to make the offer worthwhile to the buyer, and a great way to do this is by offering a decent amount of rent each month.
While this may result in you paying extra for rent during this time, it would eliminate the need to have to move out of your house and into a temporary place while you wait to close on your new house.
Terms that you should include in the agreement
Most buyers would not agree to something like this unless they know that it is short-term. If you want to do this, you will need to make sure you rush to buy and close on the new house you are buying. The buyer might agree to let you rent the house back if, for example, you agree that it will only take 30 or 60 days for you to move out.
When renting back your house, you will have to write up a contract for this. In the contract, you should include the amount of rent you will pay, the term of the contract, and any other details that are important. For example, you might want to offer to fix anything that breaks during this time. You could also offer to shampoo the carpets when you leave or repaint the walls in a certain room.
Renting back your own house is a great way to avoid a temporary move; however, a lot of buyers prefer moving right in when they close. If you have questions about this or about selling your house, talk to your real estate agent today.Share